Guideline Value for Gangai Nagar Extn

Gangai Nagar Extn guideline value

The current guideline value of Gangai Nagar Extn, located in Velachery village under the Velacheri SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - II.

How the guideline value of Gangai Nagar Extn has changed

The guideline value for Gangai Nagar Extn has seen several revisions over the years. In 2007, the value was Rs 1,500 per sq.ft, which increased significantly to Rs 4,000 per sq.ft in 2012, marking a rise of 167%. However, it then decreased to Rs 2,680 per sq.ft in 2017, a drop of 33%. The value rose again to Rs 4,000 per sq.ft in 2023, and most recently, it has been revised to Rs 4,400 per sq.ft in 2024, reflecting a 10% increase.

Between 2017 and 2023, the value increased by 49%. Overall, from 2007 to 2024, the guideline value has increased by 193%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which is the same as the current guideline value for Gangai Nagar Extn.

• Gangai Nagar 5th Street: Rs 4,400 per sq.ft (2024)
• Gangai Nagar 5th Main Road 5th Cross Street: Rs 4,400 per sq.ft (2024)
• Gangai Nagar 5th Main Road 4th Cross Street: Rs 4,400 per sq.ft (2024)
• Gangai Nagar 5th Main Road 3rd Cross Street: Rs 4,400 per sq.ft (2024)
• Gangai Nagar 5th Main Road 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Gangai Nagar 5th Main Road 1st Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Gangai Nagar Extn

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Gangai Nagar Extn?

The Sub Registrar Office that covers Gangai Nagar Extn is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Velachery

The guideline value is a critical factor in the registration process of property transactions in Velachery. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When a buyer and seller agree on a sale price, the registration office will assess the guideline value to ensure that the appropriate fees are calculated. If the sale price is lower than the guideline value, the duty will be based on the guideline value instead.

Frequently asked questions

What is the current guideline value of Gangai Nagar Extn?

The current guideline value of Gangai Nagar Extn is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,500 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 193% over the years.

What are the other streets with the same guideline value in Velachery?

Other streets in Velachery, such as Gangai Nagar 5th Street and Gangai Nagar 5th Main Road 5th Cross Street, also have a guideline value of Rs 4,400 per sq.ft in 2024.

What fees are associated with buying property in Gangai Nagar Extn?

When buying property in Gangai Nagar Extn, buyers should expect to pay stamp duty at 7% and a registration fee at 2% of the guideline value or the sale price, whichever is higher.

Which office handles property registration for Gangai Nagar Extn?

The Velacheri Sub Registrar Office is responsible for property registration in Gangai Nagar Extn, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.